All you need to know about International NFT Day
With the growing popularity of Non-Fungible Tokens (NFTs), 20th September is now being observed as the international NFT day by the digital currency community.
International NFT day rejoices the creation and use of NFTs. The term was coined by Dapper Labs Chief Technology Officer (CTO) Dete Shirley in the form of the ERC-721 standard on the same day in 2017, marking its existence.
NFTs are Digital Assets that can be stored, transferred, purchased, and sold just like traditional assets. They provide a safe way for people to exchange information and money without having to trust third parties.
Also Read: Dynamic NFTs-Future Of Digital Collectibles
NFTs are crypto-graphic tokens that use Blockchain Technology to validate their ownership and cannot be replicated and are used to represent digital and real-world items such as artwork and real estate, allowing these assets to be traded.
Why is it celebrated?
International NFT Day is all about celebrating the creators and collectors in the NFT space. It’s also a day for public to learn about NFTs and get started with their own collection.
Mudrex, CEO & Co-Founder, Edul Patel, said NFTs are an innovative crypto based technology that has rapidly gained momentum over the past one year.
Also Read: Why Artists Love NFT Royalties, And Traders Do Not
"They have the capability of replacing the physical paper documents in every sector, ensuring better security. NFTs will soon be a part of our everyday lives for their unique way of proving and verifying ownership," he adds.
Unifarm, COO, and Cofounder, Tarusha Mittal stated that NFTs act as important connecting bridge between the physical world and metaverse. The NFTs offer a exceptional way of ownership for the global audience, she said.
The NFT-based wealth creation is gaining popularity as every digital art form like videos, audio clips, graphics, memes, digital art, movie posters, and music can be traded at a higher value based on the buyer’s interest, she added.
Way ahead
The popularity momentum of NFTs is surging across the globe and might lead to an interoperable group of metaverse, where Cryptocurrency will be the biggest currency to buy anything and everything.
Raj Kapoor, Strategc Advisor, Yunometa said that over the years we could see the shift from simply buying digital photos, videos, and assets for games, to buying real estate.
The latest VMR report pegs the NFT market in 2030 could touch $231 billion. In the short term, the gaming industry and luxury brands are likely to tap the potential of this industry, experts suggest.
We are, very soon, looking at a day when NFTs will be as prevalent as credit cards if not more, believes Kameshwaran Elangovan, Co-Founder & COO, GuardianLink.
"People would be so used to the accessibility, reliability, and transparency of NFTs that it will become the de facto standard for digital collectables and gaming assets."
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